TEHRAN - The Iranian government has issued new regulations governing the supply, possession and carrying of foreign cash as the country seeks to crack down on foreign currency trafficking amid sanctions that have hampered its access to the international banking system.
The new law enacted earlier this week upon an order by Iranian President Ebrahim Raisi will force everyone possessing foreign cash to declare it on an online exchange system run by the Central Bank of Iran (CBI), said a report by official IRNA news agency on Thursday.
Failure to declare the foreign cash can lead to prosecution, said the report, adding that individuals will also need to declare the foreign currency assets obtained before the implementation of the new law.
The new law stipulates that the supply, possession or carrying of foreign cash without receipt will be designated as an act of foreign currency trafficking, said the IRNA.
However, it said that carrying foreign cash to Iran under limits set by the CBI will be allowed.
The new law went into effect after being discussed and approved by the Iranian parliament earlier this year.
It comes as Iran continues to tighten its rules governing the trafficking of goods and foreign currency at a time it is facing an unprecedented strain on its foreign currency resources because of American sanctions.